TOKYO, June 17 : Japan's crude oil import price hit a record high in yen terms in May, surpassing April levels, Ministry of Finance data showed on Wednesday, driven by a surge in crude prices resulting from supply disruptions caused by the closure of the Strait of Hormuz.• The customs-cleared import price rose to 114,076 yen ($712) per kilolitre, the highest since comparable records began in 1979, exceeding the previous record of 101,389 yen in April.• In dollar terms, the price stood at $114.58 per barrel, the 17th highest on record.• Japan's crude import price, known as the Japan Crude Cocktail (JCC), is based on customs-cleared CIF (cost, insurance and freight) prices and reflects global crude trends with a roughly one-month lag due to shipping times.
• Higher JCC prices raise the cost of importing crude and liquefied natural gas, a key fuel for thermal power generation, and feed directly into higher electricity prices.• Crude oil import volumes fell 57.3 per cent from a year earlier in May, following a 64 per cent plunge in April, the steepest drop since 1980.• By region, imports from the Middle East tumbled 61.9 per cent to 3.967 million kilolitres, while those from the United States rose 24 per cent to 576,000 kilolitres.• In value terms, crude imports declined 28.5 per cent.• Before disruptions to the Strait, Japan sourced about 95 per cent of its crude imports from the Middle East.($1 = 160.1600 yen)
